Health FSA

What is the name of your state? AZ

My son was born three years back and at that time I didnot know about Health FSA, and payed out of pocket $ 5000 in medical bills. Can I do something about it? Can I get any type of returns from the taxes I paid on this amount?Also we did not know about the pregnancy at the begining of the year.

234tax said:

What is the name of your state? AZ

My son was born three years back and at that time I didnot know about Health FSA, and payed out of pocket $ 5000 in medical bills. Can I do something about it? Can I get any type of returns from the taxes I paid on this amount?Also we did not know about the pregnancy at the begining of the year.

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If you are talking about the 2004 tax year, its still possible to amend it. However that opportunity will expire on April 15, 2008.

Note that you can only deduct medical bills if you are able to itemize your deductions (Schedule A) and you are limited to the amount that is more than 7.5% of your AGI (Adjusted Gross Income).

You might want to have a tax professional glance at your return to see whether or not you would derive any benefit from amending your return. An amendment isn't something that you want to try to do yourself, anyway.